5 things your next tenant is looking for
Getting the best out of an investment property is unfortunately not as simple as it seems: there’s more to it than buying something and waiting for the tenants to come flocking. Tenants have a criteria, and for you to receive the absolute best possible price for your investment, you have to meet their needs.
Kenmore and the surrounding suburbs attracts mostly families that are not just looking for a home, but also a lifestyle that suits family life. With this in mind, one can easily pin-point the needs of your potential tenants and provide them. Here’s five things your next tenant is looking for in a rental property.
1. Public transport
School children and working parents need public transport to easily commute to and from their locations during their week. Because we don’t have a nearby train station, having bus stops near your investment property is a huge advantage. Even being driving distance from some of the “park and rides ” in the area is good material for advertising your rental property. Buses that travel to Indooroopilly Shopping Centre, the University of Queensland, and the City are very desirable to live close to and tenants (especially families with children) would appreciate the variety of travel options near their home.
2. Plenty of space
Families need lot’s of bedrooms, and some houses in the area fall short when it comes to having enough room. The average house in the Kenmore area has 3 bedrooms, including a master bedroom with en-suite. To get ahead, consider buying an investment property that has 3 bedrooms, and an extra room with closet space that you can advertise as extra space tenants can use how they see fit. Also consider that some families need guest bedrooms, so having that extra space could give your investment exactly what it needs to lure in a tenant.
3. Nearby schools
Luckily for investors in this area, Kenmore and the surrounding suburbs have a variety of good schools to choose from. Being close enough to a desirable school is a huge advantage for your investment, and even being close to public transport that goes to these schools will give tenants an extra reason to apply for your property. Remember, the average tenant in the Kenmore area are families, and families will most likely have school children. Kenmore is also a good spot for university students due to the three bus routes in the area that go to the University of Queensland and the multiple buses that go to QUT; young students who still live at home will be more than comfortable as long as they have access to transport.
4. Modern appliances
No one likes a house with appliances that can’t keep up with their busy lifestyles, and having dated appliances in the house can really deter potential tenants from applying. Having newer appliances that work efficiently and have little risk of breaking appeals to all tenants, and also saves you hassle with maintenance in the long run. Not only that, but having these extra features may increase your rental price by a little bit. Add that to the money you’ll save on maintenance issues, and updating the appliances in your investment property will be worth it.
5. Entertainment areas
Big families tend to go out less than younger groups, and prefer a night in with their friends and family. Having outdoor and indoor entertainment space is practically essential if you want a good rental price and as little time on the market as possible. Even having a pool in the back yard may seem like an expensive idea, but it could increase tenant interest and your rental price. A good backyard space with room to entertain and very little maintenance attracts tenants, and you’ll notice the difference with a few improvements on the backyard.